The IBEX 35 faces this Wednesday a new session at historical highs, after having closed for the first time on Tuesday above 20,200 points. The Spanish selective started with an increase of 0.23%, up to 20,260 points, although it later moderated the advance and at 9:15 AM it barely gained 0.04%, at 20,222 points.
The market thus tries to prolong the rally of the last weeks, in a day where the behavior of the large companies once again marks differences. Acciona, ACS, and Acciona Energía are among the values that rise the most, while some heavyweights like Inditex and CaixaBank slow down the advance of the index.
Acciona, ACS, and Acciona Energía lead the purchases
Acciona is the value that advances the most in the data recorded around 9:25 AM, with an increase of 2.36%. The company is ahead of Acciona Energía, which gains 1.90%, and ACS, which advances 1.85%.
Also standing out are Ferrovial (+0.95%), Indra (+0.81%), Endesa (+0.41%), Iberdrola (+0.34%), Redeia (+0.33%), Naturgy (+0.21%), and Cellnex (+0.44%). Among the large banks, BBVA is trading practically flat, while Santander rises 0.05% and Sabadell gains 0.03%.
Repsol, one of the values most sensitive to the evolution of oil, adds 0.11% at this moment, after Brent has risen sharply again.
Inditex, CaixaBank, and Amadeus lag behind
On the opposite side, Inditex registers one of the most notable declines among the large values of the selective and loses 0.95%. CaixaBank also falls, retreating 0.73%, while Amadeus drops 0.72%.
Sales also affect Puig Brands (-0.53%), Rovi (-0.43%), Sacyr (-0.40%), Fluidra (-0.40%), Grifols (-0.40%), Aena (-0.07%), Telefónica (-0.19%), and Unicaja (-0.17%).
The behavior is, therefore, uneven among the companies in the index, although the strong rises of Acciona, ACS, and Acciona Energía allow the IBEX to maintain a positive tone despite the declines of some of its higher capitalization values.
Oil rises again due to doubts about Ormuz
The energy market is once again at the center of attention. The price of Brent advances 0.7%, up to 89.5 dollars per barrel, while West Texas Intermediate (WTI) approaches 84 dollars after rising nearly 0.9%.
The evolution of crude oil is linked to doubts about the reopening of the Strait of Hormuz, one of the main global transport routes for oil and gas. The President of the United States, Donald Trump, has assured that his country has "total control" of this strategic passage, while Iran maintains that its opening is conditioned on a ceasefire that includes Lebanon and Gaza, the end of the U.S. blockade, and the release of Iranian funds.
The behavior of oil will continue to be especially relevant for values such as Repsol and for investors' inflation expectations.
The U.S. CPI may set the course for the Stock Market
The main macroeconomic reference of the day will come from the United States with the publication of the CPI, a figure that may provide new clues about the next move of the Federal Reserve regarding interest rates.
In Europe, the definitive inflation of Germany for July has also been released, which increased by 0.8% month-on-month and 2.8% year-on-year, with energy and fuel prices among the factors explaining the rise.
Additionally, the Spanish market has another open front with the known Antin case. A U.S. court has authorized creditors to proceed with the seizure and execution of assets of the Kingdom of Spain in the United States and to register the ruling in other judicial districts, a new setback for the Government's strategy regarding the awards derived from cuts to renewable energy premiums.
With the main European stock markets moving with mixed signs, the IBEX 35 faces the session with the challenge of extending the historic highs reached in recent days. The evolution of oil, the U.S. inflation figure, and the behavior of large values will be the main references to check whether the selective index manages to continue advancing above 20,200 points.